Mizuho Corporate Bank said Thursday it will reverse course and lower its long-term prime lending rate by 0.05 percentage point to 2.45 percent per annum in line with the recent slide in market rates.

The new rate, charged on loans of one year or longer to the bank’s most favored corporate borrowers, will take effect Friday.

The rate charged by the bank, under the wing of Mizuho Financial Group Inc., will decline for the first time in five months.

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